State RegulationsIL specificDifficulty 1/5
A business entity applies for an Illinois insurance producer license. Under the Illinois fee schedule in 215 ILCS 5/500-135, what license fee applies to the business entity for each 2-year period?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
215 ILCS 5/500-135 sets the business entity producer license fee at $150 per 2-year period. The entity fee is distinct from the individual producer fees — $215 for residents and $380 for nonresidents — and from other schedule items such as the education-provider registration fee.
Why the other options are wrong
- B) $215 is the resident individual producer license fee, not the business entity fee.
- C) $380 is the nonresident individual producer license fee under 215 ILCS 5/500-135.
- D) $1,000 is the annual education-provider registration fee in the Illinois fee schedule, unrelated to business entity licensing.
Memory hook
Entities pay less: $150 buys the entity 2 years.